Pharma giant AbbVie Inc has disclosed that Phase 2 trials of its emraclidine schizophrenia treatment have failed to meet their primary endpoint objectives. The treatment did not show a significant reduction in the mental illness' symptoms compared to a placebo.
Bristol Myers Squibb Co. shares surged 12.5% Monday after rival AbbVie Inc. reported disappointing results from the trial of a new schizophrenia drug.
On Monday, AbbVie Inc ABBV stock is trading lower after it released data from its two Phase 2 EMPOWER trials of emraclidine for schizophrenia.
Two trials of the company's experimental schizophrenia drug show no significant improvement in symptoms.
AbbVie said on Monday its experimental schizophrenia drug failed to meet the main goal of two mid-stage trials, sending its shares down more than 11% in premarket trading.
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US stocks remain resilient following the Federal Reserve's decision to lower its key interest rate by another 25 basis points on Thursday. According to the post-meeting statement: The Committee judges that the risks of achieving its employment and inflation goals are roughly in balance.
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